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Absa launches first-to-market vertical student cards

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The new Absa student card. photo: Supplied.

CAPE TOWN – Absa has become the first bank to issue new-look vertical cards to student customers.

In an email response to Business Report Cowyk Fox, Managing Executive: Everyday Banking, RBB SA, Absa Group said that the new card brings a freshness suited to younger clients.

"We decided to launch the card in the Student segment as they are more prone to new and exciting ideas. The vertical layout also follows function to how you use the card. i.e. Inserting the card into ATMs and pay points."

"Vertical card was well received by test participants. Students preferred the vertical because "it's different from other banks" and "like trying something new," said Fox.

Fox said that the he Absa student accounts are tailored for all full-time students.

"The Absa Student Silver Account is a transactional account tailored to suit the requirements of all full-time undergraduate students studying towards a degree or diploma for at least one full academic year, or full-time honours and masters students, between the ages of 18 and 27," said Fox.

According to Fox, the monthly management fee of R26.00 per month, the following transactions are included in the fee:

  • Unlimited everyday banking through any electronic channel, Absa ATM, internet/cellphone/telephone banking (IVR)
  • Unlimited cash withdrawals at Absa ATMs
  • Unlimited cash deposits at Absa ATMs
  • Unlimited balance enquiries and mini statements at Absa ATMs
  • Unlimited withdrawals of CashSend at Absa ATMs
  • Unlimited point-of-sale purchases and cash withdrawals in South Africa
  • Unlimited debit orders and stop orders
  • The subscription fee for Notify Me, internet, cellphone and telephone banking.
  • eStatements and mailed statements

(All other transactions not included in the above list i.e. Saswitch transactions, branch counter transactions, etc. will be charged, over and above the EasyFee, at the standard Pay-as-you-Transact fee.)

If certain pre-determined conditions are met, Students have access to the following free lifestyle benefits on a monthly basis:

  • 100MB of data, and
  • an R25 food voucher which you can use at either one of the partners; namely McDonald's or Debonair or Nandos or Steers, and
  • an R150 travel voucher for redemption at either InterCity bus services or TravelStart, and
  • Up to 30% discount on a gym membership at selected gyms

Fox also lists 4 saving tips that students should consider when they have an account with Absa:

  • Perform transactions on an Absa digital channel (App, ATM’s) instead of at a branch
  • Use an Absa ATM to withdraw cash instead of on a non-Absa ATM, Absa does not own Saswitch ATMs, so when you use them, you’ll be charged additional fees
  • Use your brand new, first to market vertical student silver debit card to purchase good in-store and even to draw cash as selected merchants locally. This card lets you pay for goods or services at retailers where you see the MasterCard® or Visa signs.
  • Use an Absa Student Silver account as there are no monthly subscription fees for NotifyMe (where we alert you to transactions performed on your account) and Online, Mobile and Telephone Banking and most fees for transactions performed on these channels are included in the monthly service fee.

PERSONAL FINANCE

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